Bettina Orlopp, the chief executive of Commerzbank, has publicly rebuked the takeover proposal from Italy’s banking giant Unicredit while reinforcing her bank’s independence. She told the “Süddeutsche Zeitung” that, over the past 18 months, Commerzbank has not simply survived but has grown, delivering value for shareholders, customers and employees alike. At the same time, Orlopp accused Unicredit’s boss, Andrea Orcel, of a lack of transparency and of constantly shifting justifications for the deal. “We still do not know what Unicredit actually wants” she said, insisting that if someone knocks on the door with an idea, they should also tell you what that idea looks like.
Orlopp warned that Unicredit’s target cost‑income ratio of 35 percent would only be achievable by slashing two‑thirds of its workforce – a move she argued would not be sustainable. She explained that the cost‑income ratio measures how much of a bank’s earnings are absorbed by its costs; the lower the figure, the more efficient the institution. “You can’t get to 35 percent without a massive layoff” she added.
She also criticized the current proposal for lacking any premium for Commerzbank’s shareholders. Despite the takeover pressure, Orlopp remains optimistic: the bank is “strong and on course”. She said the bank will soon revisit its financial targets with the goal of surpassing the previously set plans, and noted that current shareholders are very satisfied with the bank’s performance.
Orlopp stated that Commerzbank is ready to review any offer presented, a principle that has always guided the bank. She remarked that if Unicredit had taken over in fall 2024, shareholders would have received a value of more than €15 billion on the table. Now that Unicredit has increased its stake to almost 30 percent, it openly pursues the acquisition of Germany’s second‑largest private bank. The Commerzbank board is resisting the move; a week ago, Unicredit’s Andrea Orcel made a voluntary bid for the remaining shares, aiming to bring Commerzbank to the negotiating table on its own terms.